Credit Card Penalty Fee Statistics

By Law Office of Robert W. Kovacs, Jr. Mar. 21, 2012 12:45p

Just about everyone in the United States have a credit card. In fact, near 80 percent of Americans own at least one credit card and even more shocking that this, one in seven Americans carry 10 credit cards on a daily basis. With such a high risk level for debt, it is important for Americans to understand what they are getting themselves into with the use of credit cards.

When signing up for a credit card, always read the fine print. You may be subject to fees and special payments under certain circumstances. One thing that all credit cards come with is penalty fees. A card holder can incur penalty fees when they do not make payments or they make late payments. In 2009, penalty fees from credit cards were at their highest. Americans had incurred $22.9 billion in penalty fees.

Students may be at a particularly high risk for incurring late fees, because according to consumer reports, one-fourth of students in 2008 said that they had paid at least one late fee for their credit card. It is important for consumers to make themselves aware of blatant credit card traps in order to avoid paying these penalties. Fees also seem to be rising at many credit card companies. In 2009, the number of credit cards that carry annual fees went up 9 percent from the year before.

Help from a Boston Bankruptcy Lawyer

Not only are the number of late fees rising, the amount that credit card holders are required to pay for their late fees is rising. The average late fee was $25 in 2008 and rose to $28 in 2009. The trend seems to be increasing penalty fees that are also increasing in number. If you have been getting behind on your credit card payments and want do discharge debt from penalty fees, then seek the help of this firm.